The real estate market is continuing to grow in new and interesting ways as employees shift from in-office to remote working, Millenials rent for longer periods of time, and our life expectancies continue to increase.
Specifically, senior housing is becoming a hot investment for property owners and project managers as it expects to only rise in the next 10 years.
With baby boomers as the largest generation to hit senior status, it makes sense that senior living communities will accelerate rapidly over the next two decades and also incorporate new aspects that weren’t previously available in senior facilities.
The Shifting Image Of Senior Living
As the life expectancy rises, more Americans want communities that will support a longer-living population. While senior living could be a broad term for properties catered to older residents, there are actually five types of senior housing:
- Senior Apartments – complexes with age limitations of 65 years and older.
- Independent Living – typically apartment-style apartments with additional services such as activities, meals, housekeeping and laundry, and even transportation for some residents.
- Assisted Living – it includes most services from independent living communities and also provides personal care services. It might have nurses or other staff members to assist the needs of residents like medication or feeding.
- Memory Care – this care encompasses all personal care and then also provides specialized services to help people with disabilities or adults who cannot live independently (very common for those with Alzheimer’s).
- Nursing Care – finally, residents who are in nursing care need help with all of the above, but they also may be seeking treatments for short-term post-acute care or long-term chronic care.
Many properties actually adopt several types of housing in one facility, so they can cater to more residents in an easy manner. For example, a nursing care facility could take anyone who would qualify for assisted living or memory care. Also, senior apartments could adopt similar amenities to independent living that make life easier for their older clientele.
Those who are interested in senior housing as a possible project would need to think about the perfect site when it comes to nearby grocery stores, hospitals, and even walkable community spaces that draw residents in.
It’s critical to note the negative stigma that briefly follows senior housing after the recent pandemic crisis, but savvy investors can use this knowledge to develop a property that will meet demand and anticipates these types of hurdles in the future.